Stella brewer tempts Anheuser-Busch with $46bn cash takeover bid

The Belgian brewer InBev has tabled a $46bn (£23bn) takeover bid for its American rival Anheuser-Busch, in an unsolicited offer which could create a transatlantic union of top brands such as Stella Artois and Budweiser.

After weeks of speculation about a possible tie-up, Anheuser last night confirmed it had received a proposal priced at $65 a share in cash from Inbev, which is anxious to get its brands into US bars.

In a statement, the St Louis-based brewer said its board of directors would "evaluate the proposal carefully and in the context of all relevant factors" including its long-term strategic plan. Anheuser continued: "The board will pursue the course of action that is in the best interests of Anheuser-Busch's stockholders."

Anheuser-Busch's shares rose by $1.20 to an all-time high of $58.35 in unofficial after-hours trading, but they stopped short of the offer price in a sign that investors are uncertain that a deal will be agreed.

Anheuser is comfortably the biggest brewer in the US with a market share of some 48.5%. As well as Budweiser, the company sells Bud Light and Michelob.

Inbev was formed through a merger of Belgium's Interbrew with Brazil's Ambev in 2004. Its top beers include Stella, Bass, Becks, Leffe and Hoegaarden.

The brewing industry has been consolidating at a rapid pace as beermakers struggle with weak growth in mature markets such as Britain and America.

InBev is keen to build its presence in the US, where the Stella and Becks brands are relatively rare.

InBev said it wanted to engage in "dialogue" with a view to consummating a friendly deal. Carlos Brito, its chief executive, said: "The combination will create a stronger, more competitive, sustainable global company which will benefit all stakeholders."

But it is far from clear whether Anheuser is willing to sell and the offer is likely to prompt soul-searching among descendants of Adolphus Busch, who co-founded the brewery 150 years ago.

Anheuser's chief executive, August Busch IV, reportedly told industry colleagues recently that his great-great grandfather's brewery would not be sold "on my watch". But his uncle, Adolphus Busch IV, has taken a more conciliatory line, insisting that a deal is not a matter of "family solidarity or legacy" but of shareholder value.